Industry News
Hospitality
Top stories summarized by our editors
1/19/2022

Former President Donald Trump says he plans to build 2,300 luxury homes plus commercial facilities in the first phase of expansion of his Trump National Doral Miami resort. The property that he purchased in bankruptcy in 2012, featuring a luxury hotel and four golf courses, is in one of the nation's hottest real estate markets.

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Bloomberg
1/19/2022

The youngest African-American women to own a hotel under a major brand have added to their portfolio with the purchase of two Indiana properties for $18 million. Epiq Collective, founded by Davonne Reaves and Jessica Myers in 2020, joined with Nassau Investments in the inaugural $8.3 million deal for a Home2 Suites by Hilton in El Reno, Okla.

1/19/2022

Successor hotels in New Jersey will be required to retain their predecessors' employees at least 90 days and follow seniority in workforce reduction and rehiring under legislation signed by Gov. Philip D. Murphy on Tuesday. Opposed by the hotel industry, the bill has been criticized for micro-managing businesses and imposing excessive administrative burdens.

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JD Supra
1/18/2022

The Patterson Inn is working to secure the first license to accommodate marijuana use under a new Denver law. Owner Chris Chiari says his planned marijuana lounge will promote responsible smoking and "get tourists off our sidewalks, out of our parks, out of their cars, and into a space that complements and is accessory to hospitality."

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KUSA-TV (Denver)
1/18/2022

Oyo Hotels reportedly is targeting a $9 billion valuation in its initial public offering, a drop from the $12 billion of some media reports and the $10 billion the Indian startup reached in 2019. The early rapid growth of the company backed by Softbank Group Corp. has slowed with financial troubles and diminished enthusiasm for IPOs in India.

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SoftBank Group Corp.
1/18/2022

The Accor portfolio will add more than 300 hotels and resorts this year, including six in North and Central America and 20 in Asia. Locations include Accor's home base of Paris, London, Moscow, Boston and Tbilisi, Georgia.

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TravelPulse
1/18/2022

Hong Kong billionaire Michael Kadoorie plans to enlarge his family's stake in the operator of the Peninsula Hotel Hong Kong by purchasing shares worth around $337 million. He agreed to a share price of Hongkong and Shanghai Hotels that was nearly double Friday's closing mark.

1/18/2022

Preservationists fear for South Florida's cultural history in the likely demolition of the shuttered Deauville Beach Resort hotel in Miami Beach, whose roster of celebrity guests includes the Beatles and President John F. Kennedy. Observers blame the endangerment on local indifference toward tradition, but some also accuse the city of lax enforcement of a preservation ordinance.

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The New York Times
1/18/2022

The 42-story Motto by Hilton New York City Chelsea that opened this month is the city's first Hilton lifestyle property and the first new-build Motto location. The brand debuted in 2018 and includes hotels in Philadelphia and Washington, D.C., with 15 more on the way.

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Travel Weekly
1/18/2022

Expedia Group Inc.'s plan to advertise during the Feb. 13 Super Bowl telecast is touted by the bookings platform's leadership as a signal of travel recovery. The company, whose brands include Hotels.com, Hotwire, Orbitz and Vrbo, beat Wall Street projections with third-quarter revenue of $2.96 billion.

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Expedia Group Inc., VRBO